Fly News Breaks for December 6, 2019
Dec 6, 2019 | 08:49 EDT
Jefferies analyst Stephen Volkmann said farmers have historically been slow adopters of technology, but the combination of demonstrated performance and continued improvement in "Precision Ag" technology has created an inflection point that will accelerate adoption over the next two to three years. Given his expectations for increasing Precision Ag penetration, modest replacement demand and positive pricing, he believes that North Amercian ag markets are "on the cusp of an upgrade cycle that will last for several years," Volkmann tells investors. Given that view on the market, Volkmann added that he thinks his above-consensus forecast for 10% earnings CAGR through 2022 for Deere still has upside potential if the company reaches its 15% EBIT margin target. The analyst keeps a Buy rating and $190 price target on Deere shares.
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